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Residential Aged Care Funding in a Nutshell

The funding for residential aged care is a complex maze and critical area for an organisation's financial success where providers need to ensure they are receiving all the funding they are entitled to. This course has been designed to explain in detail, with working examples; the intricacies of the funding of residential aged care for those who need or would like to understand how it works.

This course provides an analysis of the financial aspect of aged care. It covers:

The basic care subsidies.

The financial implications of ACFI.

Details of current and pre 1 July 2014 supplements.

Explanation of the Supported Resident Supplement and its financial implications.

Details of fees paid by residents.

Explanation of means tested fees.

Explanation of RADs & DAPs and RACs & DACs.

Information of pre 1 July 2014 accommodation payments.

Prudential arrangements.

Explanation of the monthly Payment Statement from the Department of Health.

Financial benchmarking.

Strategies to beat occupancy problems.

Other matters.

About the Facilitator:

Peter Mackinnon has been consulting in the aged care field for over thirty two years and is a Principal of Peter K Mackinnon & Associates. He has been assisting providers in regard to the financial, operational and management aspects of residential and community care. Over the past twenty years Peter has been involved in providing training and education in all types of aged care funding to the various Aged Care Associations as well as providers around Australia.

Outcomes of this Course:

An understanding of the detailed & complex funding arrangements.

Recognising the importance of information contained in the Payment Statement and how that information can be used in the management of the service.

Understanding the difference in funding and fees between residents who entered care from 1 July 2014 & those in care at 30 June 2014.

Understanding the role of the means tested amount in determining the Daily Accommodation Contributions (DACs) and the amount of the service's accommodation supplement.

The possible need to vary DACs quarterly following the review of the means tested amount by DHS (Centrelink) or DVA.

Understanding that if a partly supported pays a Refundable Accommodation Contribution (RAC) will more than likely have to pay a DAC as well.